Hello,
This appears to be a limitation. There is no way to change the description of the Hole Favorite from within SolidWorks. I imagine that you are trying to get a more informative description for your Hole favorites?
Or are you trying to change the name of the Hole feature in the feature manager? Because, you can change the name of the Hole feature in the feature manager (using F2 or slow double click).
Here are some possible work arounds to change the Hole Wizard description:
1)In your SolidWorks installation directory there is a MS Access file called default.mdb, you can open it in Access and go to the favorites table and change the description. I tried this and it worked; however..
CAUTION: This is not supported by SolidWorks, since no one has tested this and knows the full impact that this could have (i.e. try at your own risk). I believe when you upgrade to SolidWorks 2003, the database might change and you could lose this table.
2) You can delete the favorite and create a new one, with the correct description (this is a lot of work, I know).
hope this helps